NOV Inc. reported its financial results for the first quarter of 2026, revealing a revenue of $2.05 billion, a decrease of 2% from $2.10 billion in the same period of 2025. The company's net income attributable to shareholders fell to $19 million, or $0.05 per diluted share, down from $73 million, or $0.19 per diluted share, in the prior year. The decline in profitability was attributed to various factors, including disruptions in the Middle East and lower global drilling activity, which negatively impacted sales and operational efficiency.
The company's operating profit for the quarter was $47 million, significantly lower than the $152 million reported in the first quarter of 2025. Adjusted operating profit also decreased to $85 million from $163 million year-over-year. The Energy Products and Services segment saw a 10% drop in revenue to $897 million, while the Energy Equipment segment experienced a 4% increase in revenue to $1.19 billion. However, both segments reported declines in operating profit, with Energy Products and Services at $26 million and Energy Equipment at $93 million.
In terms of operational metrics, NOV's backlog for capital equipment orders in the Energy Equipment segment totaled $4.23 billion as of March 31, 2026, a decrease of $184 million from the previous year. The company booked new orders worth $520 million during the quarter, an increase from $437 million in the first quarter of 2025. The company also reported a decrease in cash flows from operating activities, which were negative at $26 million compared to positive cash flows of $135 million in the same quarter last year.
Strategically, NOV has continued its share repurchase program, buying back approximately 3.5 million shares for $67 million during the first quarter of 2026. The company also declared cash dividends of $33 million, up from $28 million in the previous year. Looking ahead, NOV anticipates increased demand for its equipment and technology due to ongoing geopolitical tensions and the need for energy security, while also focusing on operational efficiency and capital allocation to enhance its competitive position in the market.
Overall, NOV Inc. is navigating a challenging environment marked by geopolitical uncertainties and fluctuating market conditions, but remains committed to leveraging its technological capabilities and strategic initiatives to drive future growth.
About NOV Inc.
NOV Inc. is a global provider of equipment and technology for the energy industry, serving oil, gas, and renewable markets. Its core offerings include drilling, completion, and production tools, digital solutions, offshore wind, geothermal, and carbon capture technologies. NOV focuses on innovation, efficiency, and environmental sustainability, leveraging its extensive proprietary technology, global manufacturing, and service network to support customers worldwide in optimizing energy development and reducing environmental impact.
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